The silver futures on the #COMEX have been selling off again this week, with a spike lower on Monday, and a slow continuation of the selloff on Tuesday.
However, in this week’s physical silver report, Andy Schectman of Miles Franklin reports that they are still seeing very little physical silver and gold selling. This is a trend that has been in place since 2017 when he did see sellers of physical metal when the crypto market was rising. Yet even with the Fed raising rates, and yields on US debt following along, the orders he’s getting from his clients are consistently from the buy side.
Andy gives an update on the premiums in the gold and silver markets, talks about the increase in rates, and comments on the decline in the world’s economically mineable silver reserves. He addresses the possibility of a government shutdown this weekend, and the latest update from Moody’s, where they mentioned that a shutdown could be a negative towards the US government’s credit rating.
So to find out more about the latest developments affecting the silver market, click to watch this video now!